Italy at edge of EU infringement procedure

Italy at the edge of an infringement procedure if the government does not change its draft budget plan for 2019, European Commission Vice-President for the Euro Valdis Dombrovskis said. The Commission has rejected the plan, which sees Italy running a deficit of 2.4% of GDP next year, saying it would breach the Stability and Growth Pact. Berlaymonthas also requested Rome to change the package by November 13.

The Italian government has repeated it does not intend to revise the budget, arguing an expansive package is needed to boost growth and bring down the debt-to-GDP ratio.

Italian Prime Minister Salvini plans to increase public spending in the new budget. Dijsselbloem, former chief of Eurogroup, said Rome would not receive a European bailout as it would be politically and financially impossible, "Italy needs to save itself." https://t.co/1eW7flGsuK